UK failed state : UK banks insolvent

[sappatz]

Britains biggest banks are "technically insolvent", Royal Bank of Scotland said yesterday, as the global banking industry was rocked by another day of turmoil, including the announcement of $23bn (£16bn) of new losses from Merrill Lynch and Citigroup, the giant US institutions.

Analysts working for RBS, one of several British banks to have received emergency funding from the UK Government last year, told the City that "the domestic UK banks are technically insolvent on a fully marked-to-market basis".

[Alf W]

That's because 'marked to market' is a b*ll*cks theory based on the fire-sale value of assets.

Also, it's in the best interests of the new CEO of RBS to paint the bleakest picture possible of the situation he's taking over so he can claim as much 'gain' as possible.

[Cyberman]

Britain will soon be technically insolvent thanks to Gordon Brown and his party of spendthrifts. The banks are the least of our worries because we always have Northern Rock which is solvent and was profit making at the time of nationalisation.
Even today the staff were given a bonus of 2,000 pounds each for reducing the mortgage book which has increased the country's mortgage liquidity problems, thanks to Vince Cable's great idea !!